The legend in the InstaSpot team!
Legend! You think that's bombastic rhetoric? But how should we call a man, who became the first Asian to win the junior world chess championship at 18 and who became the first Indian Grandmaster at 19? That was the start of a hard path to the World Champion title for Viswanathan Anand, the man who became a part of history of chess forever. Now one more legend in the InstaSpot team!
Borussia is one of the most titled football clubs in Germany, which has repeatedly proved to fans: the spirit of competition and leadership will certainly lead to success. Trade in the same way that sports professionals play the game: confidently and actively. Keep a "pass" from Borussia FC and be in the lead with InstaSpot!
ETH/USD is trading around $1,922, above the 3/8 Murray line and above the 21 SMA, within the uptrend channel formed since June 26. Technically, Ethereum could continue to rise until it reaches the strong resistance at the psychological level of $2,000, around the 4/8 Murray line.
If, in the coming hours, Ethereum pulls back toward the 3/8 Murray level at $1,875, this could be seen as an opportunity to re-enter long positions with a target at $2,000.
Conversely, if Ethereum falls below $1,870 and consolidates below the uptrend channel formed on the daily chart, reaching the 21 SMA, this could be considered a bearish signal, and we could expect it to return to the 1/8 Murray level around $1,625 in the coming days.
We believe that Ethereum could continue to rise toward the $2,000 level in the coming days. Even if it breaks above this zone, we could expect it to reach $2,063, where the upper band of the uptrend channel is located.
A trend reversal could occur if Ethereum falls below the key $1,800 level. If it drops below $1,750, the outlook could become even more negative, and it could even retreat toward the June 26 low around $1,500.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
InstaSpot analytical reviews will make you fully aware of market trends! Being an InstaSpot client, you are provided with a large number of free services for efficient trading.
